Gelion (GELN) H2 2025 earnings summary

Executive summary

• Rebranded as the Sulphur Battery Company, targeting global leadership in sulphur battery technology and commercializing innovative sulphur cathode materials.

• Achieved first product revenue in FY2025, marking a key commercial milestone and validating technology through major collaborations with TDK Corporation, Kinetic/QinetiQ, and the Max Planck Institute.

• Supported by government grants from Australia and the UK, advancing R&D and prototyping.

• Oversubscribed capital raise in November 2025 brought in GBP 10.5 million, strengthening the balance sheet.

• Developed three battery configurations: lithium-sulphur for drones, drop-in lithium-sulphur for automotive, and sodium-sulphur for low-cost applications.

Financial highlights

• First revenue recognized in FY2025: GBP 910,000 from Integration Solutions, with margin achieved on the initial contract.

• Total income grew by 36.4% year-over-year to GBP 2.7 million, driven by new business lines.

• Operating expenses decreased by 22.9% to GBP 2.9 million over three years.

• Adjusted EBITDA loss improved by 15.0% to GBP 4.1 million.

• Pro forma cash position at June 30, 2025: GBP 4.1 million, above market expectations.

Outlook and guidance

• Commercial prototype power cells to be produced in Japan, UK, Australia, and the US in the coming year.

• Scaling up production of standard cathode-active material for commercial partners, with a capital-light, materials sales and licensing business model.

• Targeting recognition as a global leader in sulphur cathode materials within 12 months and aiming for Tier-One Battery Innovator status.

• Cash runway extends over 24 months post-capital raise, with ongoing efforts to secure non-dilutive funding.

• Continued expansion of industry partnerships and OEM collaborations.